Bloomberg News

Argentine Stock Movers: Grupo Galicia Falls; Mirgor Advances

December 13, 2011

Dec. 13 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close in Buenos Aires.

The Merval Index fell 0.4 percent to 2,474.8.

Grupo Financiero Galicia SA (GGAL AF) fell 2.6 percent to 3.04 pesos, its sixth day of losses and its longest losing streak since December 2009. Argentina’s largest consumer lender had its recommendation cut yesterday to “underweight” from “buy” at Banco Santander SA.

Mirgor SACIFIA (MIRG AF) rose 8.2 percent to 64.9 pesos, the biggest advance in two months. The Argentine producer of automobile air conditioning systems is gaining as investors buy the stock before a Dec. 16 deadline to participate in a 2 million pesos rights issuance, Marcelo Olguin, chief economist at Buenos Aires-based brokerage firm SBS Soc. de Bolsa, said in a telephone interview.

--Editors: Glenn J. Kalinoski, Richard Richtmyer

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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